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Dividing Property During Divorce
When two people get married, they often combine all their assets and property as a sign of fidelity. Depending on the resources of both partners, merging assets can be as simple as incorporating a couple of checking accounts and some student loans. It could also be more complicated, involving retirement accounts, businesses, investments, and more. Besides child custody, property and assets are always the most contentious topic when it comes to the divorce decree.
How Property Division Works
While it’s easy to combine assets, it’s a lot harder to figure out how to separate them. The main problem is that assets aren’t static; they grow and diminish. Courts also consider any debt that the parties brought into the marriage and any assets they acquired during the marriage. Dealing with these varied elements can be confusing for many people, but this is where property division lawyers come in. They’ll clarify the details and help resolve any matters of dispute.
To make property settlement cases smoother for both parties, courts agree that there are two main kinds: separate property and marital property. Separate property is any property that one partner paid for in full before the marriage. In contrast, marital property is any asset or debt acquired during the marriage. Most cities in Texas, including Tomball, strive to divide marital property equitably during a divorce,ensuring that both parties can move forward in their lives with financial stability.
Community Property Division
The most crucial detail is that, although Texas is a community property state, it doesn’t follow the same rules as one. Instead of evenly splitting marital property between both former spouses, the judge allows assets and debt to be divided in any way they deem “just and right.” Thus, marital property can be divided equitably rather than equally. Reasons such as earning capacities, time spent out of the workforce to support the other spouse’s career, and child custody will affect the division of marital property.
Retirement plans are often divided between a couple, regardless of which spouse earned them. The same goes for investment accounts and pension plans. That’s because the Tomball City Municipal Court assumes that the earning partner could not have achieved the same level of success without their ex’s support at home.
Contact Us for Property Division Help
Divorces aren’t easy, and property division is a major factor because it can bring out unpleasant emotions in both partners. At Eaton Family Law, we do our best to come up with a solution that both parties can agree on. If you are in Houston, Tomball, Katy, or Sugar Land, contact our firm today.